At the high-stake meeting of the GST Council on Wednesday, a consensus was reached on all proposals, including the restructuring of tax slabs from four at present to only two — 5% and 18%, NDTV Profit has learnt.The new tax rates will come into effect from Sept. 22, the persons privy to the development said.The total revenue loss on account of the reduction in tax rates is pegged at around Rs 48,000 crore annually, the persons said.(This is a developing story)GST Council Approves Time-Bound Registration For MSMEs, Startups That May Cut Wait Time To Three Days. Read more on Economy & Finance by NDTV Profit.